Saipem announced the signing of a binding purchase agreement with ADES Saudi Limited Company for the sale of its shallow-water drilling business in Saudi Arabia. The transaction is valued at $285 million and is part of the Italian company’s strategy to focus on more complex and profitable offshore activities.
The transaction involves the sale of Saipem International BV’s entire stake in Saudi Arabian Saipem Limited (SAS), a company specializing in shallow-water offshore drilling operations within the Saudi market.
Crucial assets drive Saipem’s offshore drilling
SAS operates a fleet consisting of five self-elevating platforms, including the company’s own units Perro Negro 7, Perro Negro 8 and Perro Negro 10, as well as the leased platforms Perro Negro 11 and Perro Negro 13.
During 2025, the company recorded revenues of 636 million Saudi riyals, equivalent to approximately $170 million, solidifying itself as a relevant asset within Saipem’s offshore drilling segment.
Payment for the transaction will be made in cash upon closing and will be subject to the usual financial adjustment mechanisms.
Saipem reinforces its commitment to deepwater drilling
With this divestment, Saipem continues to execute its industrial plan aimed at strengthening its presence in offshore projects of greater technical complexity.
The company seeks to concentrate resources on deep-water drilling activities and demanding marine environments, segments that present greater technological barriers and better prospects for value creation for the business.
Likewise, the resources obtained will contribute to supporting the financial and strategic objectives defined by the group for the coming years.
Operational continuity for projects in Mexico
As part of the agreements associated with the operation, Saipem and ADES will sign a bareboat charter contract that will allow the Italian company to continue using the Perro Negro 10 platform in Mexico.
This mechanism will guarantee the continuity of currently contracted activities and will allow Saipem to fulfill its commitments to its clients without affecting the development of ongoing projects.
ADES expands its international presence in drilling
The acquisition strengthens ADES’s position within the global onshore and offshore drilling services market. The company operates in multiple regions and has increased its presence in strategic markets by adding specialized assets.
The operation also reflects the dynamism of the oil and gas sector in the Middle East, where operators continue to optimize their portfolios and adjust their strategies to respond to new demands for investment and operational efficiency.
The transaction is expected to close in the third quarter of 2026 and remains subject to appropriate regulatory approvals and customary closing conditions.
Source: Saipem
Photo: Shutterstock
